The legend along the top says "REPÚBLICA DE PANAMÁ" which means "REPUBLIC
OF PANAMA". The center of the coin has the bust of Vasco Nunez de Balboa, the
Spanish explorer who settled in Panama and discovered the Pacific Ocean. Balboa
is wearing a soft cap with a feather and armour. Balboa has a legend on his cap
which reads "DIOS LEY LIBERTAD" which is Spanish for "GOD LAW LIBERTY".
Along the bottom is the date "1907" with an ornamental dot separator on either side.
The coin has a smooth plain raised rim with dentures along the edge.

Reverse Design

The center of the coin says "MEDIO CENTÉSIMO DE BALBOA" in four lines,
one word per line. It is Spanish for "HALF CENT OF BALBOA". Above and below
this legend are ornamental lines consisting of a narrow arrowhead on either
side pointing away from a center dot. The bottom right arrowhead is slightly
lopsized and points down somewhat instead of straight across.
The coin has a smooth plain raised rim with dentures along the edge.